JDS Uniphase swings to loss, but beats estimates

KristinJones

JDS Uniphase Corp.
JDSU
swung to a fiscal fourth-quarter loss as the broadband-products maker saw shrinking revenue from its core business segments.

But Chief Executive Tom Waechter said the company's strategy is leading to market-share gains despite challenging economic conditions.

Shares were up 4.8% in after-hours trading to $11.20. The stock is up 2.3% so far this year.

JDS makes optical components and test-and-measurement products for telecommunications companies, cable operators and network-equipment manufacturers. The company's profits have tumbled in recent quarters on expenses and a decline in sales.

For the quarter ended June 30, JDS reported a loss of $24.3 million, or 10 cents a share, compared with a profit of $9.3 million, or four cents a share, a year earlier. Excluding special items such as stock-based compensation and acquisition-related costs, earnings fell to 15 cents a share from 23 cents. Analysts expected per-share earnings of 12 cents.

Revenue decreased 6.9% to $439.3 million. The company's downbeat May projection saw revenue of $415 million to $435 million.

Gross margin narrowed to 41.6% from 43.3%.

Revenue from the test-and-measurement segment sank 7.1%. Revenue from the communications and commercial-optical products segment was 8.6% lower.

For the current quarter, the company is targeting revenue of $415 million to $435 million, bracketing consensus estimates of analysts polled by Thomson Reuters, who recently expected revenue of $427 million.

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